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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2012

EPS for the current quarter includes the Lehman recovery ($79 million), restructuring and impairment charges ($49 million) and the DLP debt charge ($24 million). Collectively, these items had no net impact on EPS. EPS for the prior-year quarter included restructuring and impairment charges of $9 million which had a negative impact on EPS of $0.01.

SEGMENT RESULTS

The following table summarizes the full year and fourth quarter segment operating results for fiscal 2012 and 2011 (in millions):

Year Ended

Quarter Ended

Sept. 29,2012

Oct. 1,2011

Change

Sept. 29,2012

Oct. 1,2011

Change

Revenues:

Media Networks

$

19,436

$

18,714

4

%

$

4,881

$

4,798

2

%

Parks and Resorts

12,920

11,797

10

%

3,425

3,129

9

%

Studio Entertainment

5,825

6,351

(8

)

%

1,402

1,459

(4

)

%

Consumer Products

3,252

3,049

7

%

883

816

8

%

Interactive

845

982

(14

)

%

191

223

(14

)

%

$

42,278

$

40,893

3

%

$

10,782

$

10,425

3

%

Segment operating income (loss):

Media Networks

$

6,619

$

6,146

8

%

$

1,571

$

1,462

7

%

Parks and Resorts

1,902

1,553

22

%

497

421

18

%

Studio Entertainment

722

618

17

%

80

117

(32

)

%

Consumer Products

937

816

15

%

267

207

29

%

Interactive

(216

)

(308

)

30

%

(76

)

(94

)

19

%

$

9,964

$

8,825

13

%

$

2,339

$

2,113

11

%

Media Networks

Media Networks revenues for the year increased 4% to $19.4 billion and segment operating income increased 8% to $6.6 billion. For the quarter, revenues increased 2% to $4.9 billion and segment operating income increased 7% to $1.6 billion. The following table provides further detail of the Media Networks results (in millions):

Year Ended

Quarter Ended

Sept. 29,2012

Oct. 1,2011

Change

Sept. 29,2012

Oct. 1,2011

Change

Revenues:

Cable Networks

$

13,621

$

12,877

6

%

$

3,535

$

3,467

2

%

Broadcasting

5,815

5,837

-

%

1,346

1,331

1

%

$

19,436

$

18,714

4

%

$

4,881

$

4,798

2

%

Segment operating income:

Cable Networks

$

5,704

$

5,233

9

%

$

1,379

$

1,261

9

%

Broadcasting

915

913

-

%

192

201

(4

)

%

$

6,619

$

6,146

8

%

$

1,571

$

1,462

7

%

Cable Networks

Operating income at Cable Networks increased $471 million to $5.7 billion for the year due to growth at ESPN and the worldwide Disney Channels and an increase in equity income. The increase at ESPN was driven by higher affiliate and advertising revenue, partially offset by higher programming costs. Higher affiliate revenue was due to contractual rate increases while the increase in advertising revenue was primarily due to higher rates. The programming cost increase was driven by contractual rate increases for college sports, NFL, Major League Baseball, and NBA programming and expanded rights for the Wimbledon Championships. Growth at the worldwide Disney Channels was driven by higher affiliate revenue due to contractual rate increases domestically and subscriber growth internationally. These increases were partially offset by lower Disney Channel program sales. Increased equity income was driven by growth at A & E Television Networks (AETN), which reflected higher advertising and affiliate revenues partially offset by higher programming costs.

Product Features:

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